Thousands of ATMs Shut down as Mobile Payment Rises

More than 1,700 automatic teller machines were closed down in Korea last year as cashless payments become ever more widespread.

According to data from the Bank of Korea last week, there were 117,623 ATMs in Korea last year, down 1,769 from the year before. Most of them closed in Seoul and Busan.

A bank staffer said, “People don’t use cash much any more and mobile payments are being widely used instead. Since there’s no transaction fee for most cash withdrawals we end up losing money on rent and maintenance for ATMs.”

There were 34.9 ATMs per kilometer in Seoul, 9.1 in Busan, 6.6 in Gwangu, 6.1 in Daejeon, 5.9 in Daegu and 5.6 in Incheon.

But rural South Gyeongsang Province had only 0.8 per kilometer, South Chungcheong Province 0.7, North Chungcheong Province 0.6, North Jeolla Province 0.5, North Gyeongsang Province 0.4, South Jeolla Province 0.4 and mountainous Gangwon Province 0.3.